Envestnet Asset Management Inc. reduced its holdings in shares of Garmin Ltd. (NYSE:GRMN – Get Rating) by 24.9% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 120,587 shares of the scientific and technical instruments company’s stock after selling 40,086 shares during the period. Envestnet Asset Management Inc.’s holdings in Garmin were worth $14,303,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Veriti Management LLC increased its stake in Garmin by 15.5% during the 1st quarter. Veriti Management LLC now owns 5,477 shares of the scientific and technical instruments company’s stock worth $650,000 after buying an additional 734 shares during the period. Goldman Sachs Group Inc. increased its stake in Garmin by 3.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 830,374 shares of the scientific and technical instruments company’s stock worth $113,071,000 after buying an additional 24,026 shares during the period. DekaBank Deutsche Girozentrale increased its stake in Garmin by 15.7% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 598,992 shares of the scientific and technical instruments company’s stock worth $81,733,000 after buying an additional 81,134 shares during the period. Farmers & Merchants Investments Inc. increased its stake in Garmin by 1.6% during the 1st quarter. Farmers & Merchants Investments Inc. now owns 12,505 shares of the scientific and technical instruments company’s stock worth $1,483,000 after buying an additional 196 shares during the period. Finally, AGF Investments LLC purchased a new stake in Garmin during the 4th quarter worth approximately $432,000. 72.11% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several brokerages recently weighed in on GRMN. Bank of America downgraded shares of Garmin from a “buy” rating to a “neutral” rating and cut their target price for the stock from $137.00 to $109.00 in a research note on Tuesday. TheStreet downgraded shares of Garmin from a “b” rating to a “c+” rating in a research report on Wednesday, July 27th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Garmin from $160.00 to $150.00 in a research report on Thursday, April 28th. Tigress Financial increased their price objective on shares of Garmin from $205.00 to $208.00 in a research report on Friday, May 6th. Finally, Morgan Stanley dropped their price objective on shares of Garmin from $127.00 to $115.00 and set an “equal weight” rating on the stock in a research report on Tuesday, June 14th. Two analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $145.50.
Garmin Price Performance
Garmin (NYSE:GRMN – Get Rating) last posted its earnings results on Wednesday, July 27th. The scientific and technical instruments company reported $1.44 EPS for the quarter, beating analysts’ consensus estimates of $1.42 by $0.02. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.37 billion. Garmin had a net margin of 20.31% and a return on equity of 17.71%. The company’s revenue was down 6.5% on a year-over-year basis. During the same period last year, the firm posted $1.68 EPS. As a group, sell-side analysts forecast that Garmin Ltd. will post 5.25 earnings per share for the current year.
Garmin Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Investors of record on Wednesday, March 15th will be given a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date is Tuesday, March 14th. Garmin’s dividend payout ratio (DPR) is 55.73%.
Insider Activity at Garmin
In related news, CEO Clifton A. Pemble sold 16,089 shares of the stock in a transaction on Monday, August 1st. The shares were sold at an average price of $97.81, for a total value of $1,573,665.09. Following the transaction, the chief executive officer now directly owns 145,500 shares of the company’s stock, valued at approximately $14,231,355. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 21.39% of the company’s stock.
Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; and fitness and cycling accessories.
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